In that case you will need to analyze the comps, and keep in mind operating two units on one property can bring other costs and operational issues.2.

@Luke Spencer I am not on the management side but I can tell you it took 2+ years to fill 300 units at one of our facilities and the other just hit 300 units in 12/13 months so it really depends on the demographics, and local housing market trend, the more people moving in and out the higher the demand for storage.I think if you're looking at a saturated market then the upfront cash to turn the warehouse into self storage is not a good idea but then again, maybe those operators are on back roads ( low visibility ) and don't push google ads well.

-- solid strategy as well, if you go this route I would consider investing with an operator that specializes in this asset class.

Your LLC needs more than 4 pages operating agreement.They are recommended by many but not with me.

I operate across the mid-south/mid-west.

While I have managers handling the daily operations, I still oversee everything remotely.

Prices a few years ago were based on expectations of (in addition to interest rates staying low): - Then current operating cost assumptions (like insurance cost expectations being flat)- A seeming disregard for record levels of new inventory / supply hitting the market- Extremely high inbound migration expectations which are likely to not be met, due to both natural disasters and the boomerang effect when people from California or the Northeast move to the American South and hate every minute of the humidity, the large and relentless swarm of insects, and the occasional hurricane. 

Why not take his name off the LLC and put it in your name now while the LLC has $0 of value (or whatever nominal amount your articles of organization or operating agreement say that you contributed)?

As a smaller, self-managed landlord I think solutions that offer that kind of scheduling/logistics framework are solving for one of the most long-standing self-managed challenges we've had for years: how to scale and systematize operations when you're are landlord or PM out there hustling for your next deal. 

Hi Ricky,Being in operation for 10 years with mid seven figures of assets and NNN leases,it would be wise to speak with your tax advisor regarding if the tax set up should be an LLC, an S-Corp  or a C-Corp.It would also be wise to speak with an asset protection attorney to find out if this is something that might be beneficial to you in that area.